Creating Innovation With ‘Outside the Box’ Partnerships and Collaborations

The speed of innovation by younger companies and academic researchers hold enormous opportunities for corporations, if they can tap into it through collaborations and partnerships. It takes a willingness to do things differently, assume uncertainty, and let the innovators innovate unimpeded.
— By Daniel Perez

The World Economic Forum (WEF) defines innovation as the “successful commercialization of novel ideas, including products, services, processes, and business models.” Innovation drives business growth and competitiveness, and enables businesses to meet growing and changing market needs. Producing innovation internally is important to business sustainability, but quite often, keeping creative ideas flowing becomes challenging.

Turning to external resources, like businesses in unrelated industries and academic research institutions, can generate innovations through collaborations and partnerships that benefit all parties involved. The k...

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